How the crypto community reacted to Bitcoin’s $100,000 record How the crypto community reacted to Bitcoin’s $100,000 record
Gemini co-founder and Coinbase CEO spotlight Bitcoin's record-breaking $100,000 peak and its enduring potential.
2 min read
Updated: Dec. 5, 2024 at 3:38 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin has achieved an unprecedented milestone, surpassing the $100,000 mark for the first time in its history.
Data from CryptoSlate showed that the top digital asset peaked at $103,465.81 on Dec. 5, showcasing its most remarkable performance since its inception.
This surge propelled Bitcoin’s market capitalization beyond $2 trillion, marking a pivotal moment in its journey. Further, the total crypto market cap soared to a record $3.6 trillion, underlining the sector’s explosive growth.
How the crypto community reacted
The $100,000 milestone ignited widespread celebrations within the crypto community, with many viewing it as a defining moment that cements Bitcoin’s role in the global financial landscape.
US President-elect Donald Trump joined in on the excitement, congratulating Bitcoin holders and crediting the achievement to his incoming administration’s pro-crypto policies. He posted,
“CONGRATULATIONS BITCOINERS!!! $100,000!!! YOUโRE WELCOME!!!”
Since Trump’s election victory in November, he has appointed several pro-crypto candidates and maintained that he would adopt a crypto-friendly approach. These decisive actions have unsurprisingly bolstered the crypto industry uptrend, with several digital assets climbing to new highs since then.
Gemini exchange co-founder Tyler Winklevoss compared the milestone to landmark historical events, calling it as significant as the moon landing or the fall of the Berlin Wall.
Meanwhile, Coinbase CEO Brian Armstrong highlighted Bitcoin’s unparalleled performance, noting that an investment of $100 in Bitcoin at Coinbase’s launch in 2012 would now yield over $1.5 million.
Considering this, Armstrong proposed that governments adopt Bitcoin as a strategic reserve asset to counter inflationary pressures.
Additionally, Binance founder Changpeng Zhao hailed Bitcoin’s resilience over the past years and framed its price surge as evidence of the devaluation of traditional assets.
What next for BTC?
Following this historic breakthrough, the market now focuses on Bitcoin’s significant milestones.
Analysts predict Bitcoin could become the leading “store of value,” surpassing gold within the next decade. According to Bernstein’s Gautam Chhugani, Bitcoin’s 141% annual growth, driven mainly by expectations of crypto-friendly US policies, could propel the asset to $200,000 by late 2025.
Standard Chartered analysts echo this sentiment, projecting Bitcoin could double in value by the end of 2025.
Analysts at the firm noted that factors such as BTC’s potential integration into sovereign wealth funds and US retirement portfolios as catalysts for further growth. Institutional players like MicroStrategy are also expected to increase their Bitcoin holdings, fueling momentum in the coming years.
Bitcoin Market Data
At the time of press 3:38 pm UTC on Dec. 5, 2024, Bitcoin is ranked #1 by market cap and the price is up 6.09% over the past 24 hours. Bitcoin has a market capitalization of $2.02 trillion with a 24-hour trading volume of $134.96 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of press 3:38 pm UTC on Dec. 5, 2024, the total crypto market is valued at at $3.67 trillion with a 24-hour volume of $360.03 billion. Bitcoin dominance is currently at 54.97%. Learn more about the crypto market ›
Mentioned in this article
Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Gemini
Gemini is a regulated digital asset exchange and custodian that allows customers to buy, sell, store, and stake digital assets in a regulated, secure, and compliant manner.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
MicroStrategy
MicroStrategy (Nasdaq: MSTR) is a worldwide leader in enterprise analytics and mobility software.
Donald John Trump was born on June 14, 1946, in Queens, New York City.
Brian Armstrong, co-founder and CEO of Coinbase, stands at the forefront of the digital currency revolution.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.
